A further £7.9million was recovered from the Lendy Loans in the six-month period ending May 23, 2022, while the total value of administration costs reached just over £4.8million of pounds sterling.

The latest update from the RSM admin showed that between 23 November 2021 and 23 May 2022, £1,154,145 was recovered from Lendy’s development finance loans.

A further £6,789,177 was repaid through bridge home loans, facilitated by the now defunct peer-to-peer lending platform.

RSM said it was working to recoup funds from a further 12 live development finance loans worth an exceptional £49.6 million. Eight of the 12 loans have entered into formal insolvency proceedings against them, with receivers or administrators having been appointed.

Meanwhile, there are 18 living mortgage bridging loans remaining, worth an exceptional £22.4m. 16 of these direct loans are in formal insolvency proceedings against them.

Read more: Lendy’s costs soar due to ‘hard’ sale of six properties

To recover these funds, the joint administrators charged a fee of £328,080 over the six-month period.

RSM noted that time costs incurred since his appointment now stand at £4,801,172, including investigation time. However, to date only £2.4million has been approved for payment to RSM.

“The quantum of costs and expenses is higher than the estimates previously provided to creditors on July 15, 2019,” said Damien Webb, co-administrator at RSM.

“This is because the co-administrators were unable to provide a realistic estimate due to uncertainty over the work we have requested from third parties.

“The legal costs incurred were high due to the complexity of the case and the required actions that the joint administrators had to take. The joint administrators have provided below a high-level scope of engagement for the professional firms that were paid during the period.

Read more: Lendy’s administration fee passes £3m mark

He added that the majority of the time spent during the period was spent collecting the loan book and reviewing potential actions and third party claims.

“The work performed and the time costs in this category are fundamental to recoveries to date and future recoveries in the administration,” he said.

The administration update also pointed out that while the administration period was previously extended to May 23, 2023, it is not yet possible to determine when the administration will actually end.

Read more: P2P administration costs hit £5m